UmbrellaBank is currently running a new promotion on its Green Day Savings Account. It’s offering an introductory rate of 5.83% for the first 90 days after the account is opened. After the 90 days, the rate returns to the standard tiered rates. A minimum balance of $100 is required to avoid a $7/month fee.

UmbrellaBank.com is the online banking division of New South Federal Savings Bank. New South Federal is FDIC insured. It doesn’t have a history of high ratings at Bankrate.com. It has the same 2 out of 5 star rating (below peer group) as it did in April. However, BauerFinancial’s review gives UmbrellaBank a 3.5 out of 5 stars (good) through all of 2006.